Last week Burlingame Market had 73 houses for sale, a number that has gone up over recent weeks and months. The good news is that the Average days homes for sale sat on the market has gone down to 93 days. The Average Priced home for sale was $1,420,832 and we saw the least expensive house listed at $595,000, a Bank Owned bungalow and the most expensive home was $3,325,000. There were 6 homes sold last week and Burlingame is still considered a Cold Buyers market, deep in the freeze.
The Median Price for a house in Burlingame last week was $1,299,000. This house is 71 years old and likely has 3 bedrooms, 2 bathrooms and is about 2000 square feet in size sitting on a 6000 foot lot. Prices are still staying pretty steady overall but 41% of the listing have seen a price reduction. Now, you ask, what does that mean for me? Perhaps it means sellers are willing to negotiate. A new word for them.
The Median Price covers the entire market but it’s always good to drill down a bit and look at the four Quartiles of the market. Quartile One is the most expensive group with a Median at $2,188,000. Obviously you get more for that money in size of house and hot. The next most expensive quartile is two and the Median Price is $1,442,000. The third quartile is $1,197,000 and the bottom quartile, and least expensive is $850,000 for the Median Price. The bottom quartilel generally has the 2 bedroom bungalows and are some of the sweetest homes in Burlingame and many are walking distance to Broadway or Burlingame Avenue.
Finally, we look at the Market Action Index for the last picture of the market in Burlingame. That red line delineates a Buyer’s Market from a Seller’s Market. We have been in a Buyer;s market for almost 2 years and seem to bounce along there week by week. If you’ve been holding off to buy a Burlingame home, why wait? The Market Action Index shows you clearly that things have remained steady and now is a great time to make that offer.
We are here to help you buy your new home, or sell your present one. Money is at all time lows. We expect to see the $729,900 conforming loan within the next couple of weeks. If you have cash in the bank, 25% for a down, or a huge equity in your present home and can sell it, that loan will be like hitting a gold streak in the Mother Load. Call us or send us an email for more information.